IndusInd Bank has agreed to a multi-year sponsorship deal with the International Cricket Council (ICC), beginning with the men’s Cricket World Cup in India, which will kick off on October 5, people aware of the development said.
“The multi-year deal is valued at $20-$24 million (about Rs 160-200 crore),” one of them said.
Recently, Mastercard too became the top-tier sponsor for the ICC Cricket World Cup 2023.
It is learnt that IndusInd Bank and Mastercard have replaced digital payments platform BharatPe and edtech company Byju’s, who have decided to prematurely end their association with the ICC due to financial woes.
BharatPe and Byju’s have joined other tech startups like Unacademy, MPL, and Paytm that have cut down on their sponsorship investments amid a decline in private equity funding and focus on profitability. Emails sent to ICC and IndusInd Bank did not elicit any response till press time on Tuesday.
The ICC’s other top-tier sponsors include MRF Tyres, Booking.com, Aramco, and Emirates.
Download The Economic Times News App to get Daily Market Updates & Live Business News.